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Helix BioPharma Announces Q1 2009 Financial Results
Date:12/11/2008

et loss from operations totaled $2,321,000 in the first quarter of fiscal 2009 (2008 - $1,644,000) for an increase of $677,000. Cash used in operating activities in the first quarter of fiscal 2009 totaled $1,618,000 (2008 - $1,643,000) resulting in a decrease of $25,000, despite the higher net loss from operations, and is attributable to changes in non-cash working capital, specifically higher accounts payable and accruals.

Financing activities

Financing activities in the first quarter of fiscal 2009 totaled $9,659,000 (2008 - $nil) and represents the private placement which was completed on October 2, 2008, where the Company issued 6,800,000 units at $1.68 per unit, for gross proceeds of $11,424,000.

Investing activities

Use of cash in investing activities for the in the first quarter of fiscal 2009 totaled $37,000 (2008 - $50,000) and represents capital acquisitions in both comparative quarters.

Liquidity, Capital Resources and outlook

Since inception, the Company has financed its operations from public and private sales of equity, the exercise of warrants and stock options, and, to a lesser extent, interest income from funds available for investment, government grants, investment tax credits, and revenues from distribution, licensing and contract services. Since the Company does not have net earnings from its operations, the Company's long-term liquidity depends on its ability to access the capital markets, which depends substantially on the success of the Company's ongoing research and development programs.

At October 31, 2008, the Company had cash and cash equivalents totaling $26,911,000 (July 31, 2008 - $19,057,000). The increase in cash and cash equivalents in the first quarter of fiscal 2009 is the result of a private placement completed on October 2, 2008 where the Company issued 6,800,000 units at $1.68 per unit,
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SOURCE Helix BioPharma Corp.
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